LONDON (Alliance News) - Electra Private Equity PLC on Thursday issued a defence against activist investor Edward Bramson, who last month resumed combat with the trust in an effort to have himself appointed to its board.
"Electra goes from strength to strength, outperforming its relevant benchmarks over the past three, five and ten years. Sherborne has been invested in Electra for 21 months, yet has singularly failed to make a case for changing its proven, highly successful model," Electra Chairman Roger Yates said in a statement on Thursday.
"Despite repeated requests to share his analysis, Mr Bramson has declined to explain how he would run the business better, offering merely a void of substance in lieu of a credible plan. His presence on the board would potentially be divisive and value destructive and, accordingly, the board urges all shareholders to vote against the Sherborne resolutions," Yates said.
Sherborne, which holds a 29.75% equity stake in the private equity investment trust, as well as a convertible bond representing an additional 1.17%, failed in October 2014 to have its proposals passed at a general meeting of shareholders, although Electra did launch a review in the aftermath of that vote.
Last week, Sherborne called for shareholders to vote in favour of appointing Bramson and his longtime associate, Ian Brindle, to the board.
The upcoming vote is to take place in London on November 5.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
